Bitcoin has been rising on the eve of halving and, at least in the long run, expectations are the best possible
Bitcoin is certainly preparing for one of its biggest rallies. As Bitcoin halving approaches, investors expect BTC to reach ATHs (historic highs). Many in the crypto community expect Bitcoin to reach $ 10,000 highs before the event.
Having witnessed a Bitcoin jump by about 15% last week, it didn’t take much to attract investors. But while it is easy to sell news of how big and meaningful halving will be, investors are not so sure what to expect after the event.
Although much of the current upward trend is due to halving, many fear that after the event, there will be a huge sale when speculators go out and make a profit.
Current Bitcoin configuration
Bitcoin closed last week strong after earning more than $ 1,000 in less than 24 hours. In two days, Bitcoin jumped from $ 7,700 to $ 9,400. The crypto community was quick to point out that this is just the beginning. Going into the new week, the BTC is expected to surpass its current high and reach highs of $ 10,000.
Coming out of the weekend, Bitcoin is looking to test the $ 9.3K resistance, having risen above $ 9K. After $ 9.3K is broken, the digital asset easily overtakes its recent high of $ 9.4K before finally encountering stronger resistance at $ 9.8K.
Bitcoin price to sustain after halving
Investors are well aware that a sale can quickly become ugly with Bitcoin easily falling into a free fall. This has angered some investors who think that those who are buying at the moment are speculators only interested in making a profit when Bitcoin reaches its top in the coming weeks.
A prominent trader came to suggest that Bitcoin will fall up to $ 1,000 after halving. Eric Choe believes the sale will be so violent that the asset will have dropped to less than $ 3,000 by the end of May.
Choe could, however, be left alone in this, as market leader Michael Novogratz believes that Bitcoin will remain strong. While some analysts said they expect Bitcoin to pour out as investors make a profit, Novogratz believes current buyers are adopters and will remain.
– Michael Novogratz (@novogratz) May 2, 2020
“Halving is certainly important, but what is driving price increases at BTC is mainly the purchase of new players as a result of the new macro scenario. This rally will last. ”